THE WHAT? E.l.f Beauty has announced its results for the three months ended June 30, 2022. The budget beauty brand saw net sales rise 26 percent on the prior year period to US$122.6 million while gross margin increased roughly 390 basis points to 68 percent.

THE DETAILS The mass market make-up manufacturer has updated its outlook for fiscal 2023 accordingly, and is now predicting a 14 to 16 percent increase in sales yoy.

THE WHY? Tarang Amin, E.l.f. Beauty’s Chairman and Chief Executive Officer, commented, “I am proud of the E.l.f. Beauty team for achieving our fourteenth consecutive quarter of net sales growth. We continue to significantly outperform our competition. In the first quarter, we were the fastest growing top 5 color cosmetics brand and expanded our market share by 120 basis points, according to Nielsen. We are continuing to lean into our strengths—our core value proposition, innovation engine, and ability to attract and engage consumers—and are pleased to raise our Fiscal 2023 outlook.”